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  5. Sensex rallies over 600 points in early trade; RIL jumps 2 per cent

Sensex rallies over 600 points in early trade; RIL jumps 2 per cent

According to traders, besides stock-specific action, massive foreign fund inflow and firm cues from global markets enthused buying activity in the domestic market.

PTI PTI
New Delhi Published on: May 08, 2020 10:05 IST
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Sensex rallies over 600 points in early trade; RIL jumps 2 per cent

Equity benchmark Sensex rallied over 600 points in the opening session on Friday as strong gains in index-heavyweight Reliance Industries, massive foreign fund inflow and positive global cues boosted market sentiment. After touching a high of 32,088.51, the 30-share index was trading 559.96 points or 1.78 per cent higher at 32,003.34. Similarly, NSE Nifty surged 175 points, or 1.90 per cent, to 9,374.05. IndusInd Bank was the top gainer in the Sensex pack, soaring over 4 per cent, followed by Kotak Bank, Hindustan Unilever and Axis Bank.

Shares of Reliance Industries jumped over 2 per cent after the company announced that US-based private equity firm Vista Equity Partners has picked up 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.

On the other hand, PowerGird, HCL Tech, Asian Paints and NTPC were trading in the red.

In the previous session, the BSE barometer dropped 242.37 points or 0.76 per cent to close at 31,443.38. The broader NSE Nifty slipped 71.85 points, or 0.78 per cent, to 9,199.05.

Foreign portfolio investors purchased equities worth Rs 19,056.49 crore in the capital market on Thursday, provisional exchange data showed.

According to traders, besides stock-specific action, massive foreign fund inflow and firm cues from global markets enthused buying activity in the domestic market.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains as moves to ease lockdown measures and reopen economies around the world fuelled positive investor sentiment.

Top stock exchanges on Wall Street ended over 1 per cent higher in the overnight sessions.

International oil benchmark Brent crude futures were trading 1.29 per cent higher at USD 29.84 per barrel.

In India, the death toll due to COVID-19 rose to 1,886 and the number of cases climbed to 56,342 as on Friday, according to the health ministry.

Globally, the number of cases linked to the disease has crossed 38.46 lakh and the death toll has topped 2.69 lakh.

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